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Exhibit 12.1

DUKE REALTY CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

(Dollars in thousands)

		Nine Months Ended September 30, 2002		2001		2000		1999		1998		1997
Earnings:
Net income from continuing operations		129,697		229,967		212,958		139,636		90,871		65,999
Preferred dividends		35,968		52,442		48,981		42,604		19,833		12,485
Earnings from land and depreciated property dispositions		(8,882	)	(45,708	)	(60,692	)	(10,012	)	(1,351	)	(1,775	)
Operating Partnership minority interest		15,151		32,463		32,071		19,811		12,241		7,574
Interest expense		84,757		113,830		133,948		86,757		60,217		40,296
	Earnings before fixed charges	256,691		382,994		367,266		278,796		181,811		124,579
Fixed charges and preferred stock dividends:
Interest expense		84,757		113,830		133,948		86,757		60,217		40,296
Interest costs capitalized		11,359		25,859		32,980		26,017		8,546		6,003
	Total fixed charges	96,116		139,689		166,928		112,774		68,763		46,299
Preferred dividends		35,968		52,442		48,981		42,604		19,833		12,485
	Total fixed charges and preferred dividends	132,451		192,131		215,909		155,378		88,596		58,784
Ratio of earnings to fixed charges		2.67		2.74		2.20		2.47		2.64		2.69
Ratio of earnings to combined fixed charges and preferred stock dividends		1.94		1.99		1.70		1.79		2.05		2.12

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Exhibit 12.1